How should startups and SMEs today develop a product?

develop a product

There is no right or wrong way, but just the most suitable way within the bounds of the situation for the company when they want to develop a product. The following are the key things that you must do to have a successful product:

  1. Identify your primary user.  A lot of startups don’t know who the primary user is for them.
  2. Identify the customer. The customer is the one who is going to pay for the product. He may not necessarily be your primary user.
  3. Identify the need and user problems. You will create the user value by satisfying these needs or by solving these problems.
  4. MVP: Develop your solution that precisely addresses the problem. There is no need for any superfluous or extra functionality.
  5. User feedback: Let your users use your MVP and get their open and honest feedback.
  6. Iterate: Keep iterating until you have solved enough user problems or satisfied enough user needs, for your customer to pay for it.
  7. Release to a larger audience and establish your sales channel.
  8. Establish a easy feedback channel so you can gather feedback from a large number of users, get new ideas and create incremental value.
  9. Measure KPIs to celebrate success and identify further improvements.
  10. Protect your product and your business from competition and imitation.
  11. And always remember: Revenue is vanity, profit is sanity but cash is the reality!

Innovify can help you realise your dreams by working along with you at each stage, be it startup, scale-up or maturity or decline. You can also write to us in order to arrange a short meeting to discuss the problem you are solving and what value it adds to your user and customers.